ConocoPhillips Reports 2022 Capital Expenditures Budget; Announces Three-tier Returns Of Capital

ConocoPhillips (COP) announced its planned companywide 2022 capital expenditures of approximately $7.2 billion. The company noted that the planned 2022 capital expenditures includes $0.7 billion associated with the recent Permian transaction and are consistent on an underlying basis with the market update provided in June 2021.

Based on the preliminary capital budget, ConocoPhillips expects to deliver average full-year 2022 production of approximately 1.8 MMBOED, including expected annual production from the recent Permian transaction of approximately 200 MBOED. On a pro forma underlying basis, 2022 production estimate represents underlying low-single-digit percentage production growth from 2021.

The company has set 2022 return of capital to shareholders at approximately $7 billion, approximately 16% increase from 2021. ConocoPhillips is initiating a three-tier capital return program that will consist of an ordinary dividend tier, a share repurchase tier, and a newly authorized quarterly variable return of cash (VROC) tier.

The annualized current ordinary dividend is estimated at approximately $2.4 billion. Estimated share repurchases are approximately $3.5 billion. The VROC, of approximately $1 billion, is anticipated to be distributed ratably on a quarterly basis. The first VROC of $0.20 per share will be paid on Jan. 14, 2022, to shareholders of record as of Jan. 3, 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
Follow RTT